Shanghai - Chinese shares
closed near their lowest level since early February as energy shares
dropped and investors turned to companies whose earnings are less
reliant on economic growth.
Shanghai Composite Index was little changed at 3 172.10 at the close.
PetroChina was among oil companies that declined, while traditional
Chinese medicine firm Yunnan Baiyao jumped to a record as
health-care shares climbed. The Hang Seng China Enterprises Index added
0.7% to 10 056.17.
The benchmark in Shanghai slipped 3.2% over the previous four
sessions amid increased scrutiny of market speculation.
Liu Shiyu, the country’s top securities regulator, said at the weekend
China’s bourses should punish market irregularities “without mercy.”
“People are still pretty worried about financial scrutiny, and the
market outlook will depend on the next steps of regulators,” said Li
Bin, a Shanghai-based analyst with Capital Securities Li said he
expected the index to trade around 3 100 to 3 300 in the short term.
The Hang Seng Index climbed 1% to 24 056.98.
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